S&P revises Ecopetrol view to negative

S&P said it revised its global scale rating outlook on Ecopetrol SA to negative from stable and affirmed the issuer credit and issue-level ratings at BBB-.

“In our view, Ecopetrol plays a very important role in Colombia's economy, given its position as the largest company in the country. Ecopetrol has also a significant presence in Colombia's oil and gas sector, acts as the main supplier of oil-derived products in the domestic market, and has a very strong link with the government, which has the controlling ownership (88.49% of the voting capital stock) and strategic oversight despite the company's independent management. Therefore, if we were to downgrade Colombia, we will take the same rating action on Ecopetrol,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.